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Bitcoin forecast for August: will the cryptocurrency continue to fall?

Our editors have conducted a study and assume that the bitcoin rate by the end of August 2022 will be $20271.79. Read more about the events and opinions based on which the forecast is based, read further in our article.

The fate of Bitcoin will be decided this summer. Bitcoin forecast for August 2022 says that the cryptocurrency will either bounce or fall. In June, the value of the e-currency fell below 20,000 USD for the first time since 12/16/2020.

What can affect cryptocurrency in August?

In mid-June, the head of the board of directors of Guggenheim Investments, S. Meinerd, made a shocking statement. He argues that it is not safe to acquire cryptocurrency today. She, according to him bitcoin price forecast for august 2022is on the verge of collapse. The cost can collapse by 70-80%. As a result, soon the electronic currency will have a price in the region of 10-15 thousand USD.

Guggenheim Investments is a global investment advisory firm that is fairly well known in the industry. Consequently, the words of her leader could not help but disturb the cryptocurrency investors. This is especially true given the abundance of bad news.

So, not too long ago, the World Bank denied El Salvador any assistance that concerns the adaptation of electronic currency. The refusal was due to the influence of miners on the ecological situation. 06/09/2022 El Salvador became the first world state where Bitcoin was turned into a means of payment equal to USD.

The investment director of Guggenheim Partners, S. Meinerd, predicted a long time ago that Bitcoin would drop to $20,000 in early 2022. The decline, according to the expert, should have occurred immediately after the price increased to $40,000. In mid-spring, Minerd confirmed negative expectations after the price of Bitcoin reached $65,000 7 days earlier. This shows how much experts can be wrong in pricing a highly volatile crypto.

At the same time, not only Minerd claims that Bitcoin is going to bear. The expert’s opinion is supported by JPMorgan, the largest US bank in terms of assets. They report that the asset is still immature. Because of this, serious players began to invest in gold again.

The technical chart of rate jumps in the range of 30-40 thousand USD since the end of spring does not really exclude that the downward dynamics will resume in August. A. Chomsky, head of the investment department at ICB Fund, believes that the rate will fall well below $20,000.

JP Morgan believes that the trigger could be the removal of blocking from the assets of the GBTC bitcoin trust, on the balance of which 3.12% of the total supply has accumulated. Banking specialists believe that many buyers will be glad that there is a chance to exit this instrument amid uncertainty in the field of crypto regulation.

If Bitcoin falls to 10-15 thousand dollars, it will, of course, destroy the entire cryptocurrency industry. Altcoins will follow Bitcoin. The decline will cause panic, the flight of players from the assets. Investors will start selling coins, fixing losses. This will worsen the situation even more. Of the positive aspects of such a collapse, it is possible to name only the cleaning of the cryptocurrency market from soap bubbles. Only those projects that offer a really working product will be able to stay. This is stated by R. Pototsky, the creator of the XQR social network.

The expert does not believe that Bitcoin will reach the value of 10-15 thousand dollars. The probability of such a scenario is too small, because such a collapse is unlikely to happen without the participation of serious players. Retail investors have too few coins to trigger such a crash. Serious players are buying up coins, increasing their own investments in crypto against the backdrop of sagging value.

The main factors that may affect bitcoin price in august 2022 g., include the following:

  • net parameters of supply and demand;
  • confidence signals from persons involved in regulation, production, investment;
  • positive or negative news that are created by well-known crypto owners;
  • degree of risk from influential sources;
  • the speed of distribution of Bitcoin as a payment method;
  • the level of comfort and safety of investors;
  • information on the state in the field of the mandatory stage of reforming the crypt;
  • the level of difficulty of mining the crypt.

Forecast from the technical analysis of the chart

BTC exchange rate chart

If you look at the rate chart, you can see that it is similar to the May 2018 chart. Then there was also a 70% drop. Today the fall is 62%. Minus 70% will be $20K, which is similar to ATH 2017. For this reason, a rebound to $32K is likely soon, closing the gap on CME. Cryptocurrency will fall to a certain minimum mark, beyond which there will be no fall.

Experts say that the local uptrend is broken, bitcoin price in august will follow in the bear. The main thing is what mark will be the minimum and how much after it there will be a sidewall.

After examining the cryptocurrency chart, one can think of mini-cycles. It is possible that a superdump will happen soon, during which all gaps will be closed. The 200 WMA indicator, which worked in 2014 and 2018, indicates that the cost will be equal to 21.9 thousand dollars. However, you can follow this indicator either by another squeeze movement or by slowly exhausting the market for several months.

Assumptions of experts for the month

As of June 22, in 24 hours, the price of the cryptocurrency decreased by 8.21%, falling over the level of the previous year, reaching a value of 19.235 thousand USD. The lowest exchange rate per day was equal to 18 703.1 USD. This is evidenced by the information of the Binance crypto exchange. It is noted that the price of the cryptocurrency fell below 20,000 USD for the 1st time since 12/16/2020.

The future of crypto is being decided this summer. The level of 19,000 USD is a powerful technical support in terms of technical analysis. So says D. Golubovsky, a specialist in the field of analytics at the Golden Mint House.

The specialist believes that over the next weeks it will become clear whether the depreciation has ended or not. The analyst explained the parameters by which it is possible to analyze the crypt. So, Bitcoin has always rebounded from the 200-week average over a long period. It usually breaks through the level, and then jumps up for several weeks. This is the end of the depreciation. It is possible that bitcoin price in august 2022 will behave the same way.

The expert said that other electronic currencies may join the fall of Bitcoin. If Bitcoin goes further down, it will indicate that the crypto industry is dying in its current form. There is a scrap of trends, market logic, panic begins. Even those who hold e-currencies for a long time can get into a situation where they have to close positions.

Table of the bitcoin exchange rate in August by day

Bitcoin forecast for August 2022 g. can be shown in the form of a convenient table:

the date Meaning
01.08.22 $20707.07
02.08.22 $20561.98
03.08.22 $20354.7
04.08.22 $20396.16
08/05/22 $20251.06
06.08.22 20043.78$
07.08.22 20085.24$
08.08.22 $20561.98
09.08.22 $20499.79
08/10/22 $20561.98
08/11/22 $20499.79
08/12/22 $20333.97
08/13/22 $20292.52
08/14/22 20230.33$
08/15/22 20230.33$
08/16/22 $20271.79
08/17/22 20209.61 $
18.08.22 20209.61$
08/19/22 20230.33$
08/20/22 $20271.79
21.08.22 $20271.79
08/22/22 20313.24 $
08/23/22 $20292.52
08/24/22 $20292.52
08/25/22 $20333.97
08/26/22 $20375.43
08/27/22 $20396.16
28.08.22 $20437.61
29.08.22 $20396.16
08/30/22 20313.24 $
08/31/22 $20271.79

How to behave bitcoin in august? The exact answer to this question cannot be given by crypto industry professionals. Explore our bitcoin price forecast for august 2022to get an idea of ​​how the cryptocurrency exchange rate will change, to take the necessary actions.

The materials presented in this section do not constitute individual investment advice.

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